Press release
Soaring Demand Set to Propel Hydro Electricity Market to $380.78 Billion by 2029
Hydro Electricity
What Is the Expected CAGR for the Hydro Electricity Market Through 2025?
In the last few years, the hydroelectricity market has seen consistent growth. The market, from being $319.18 billion in the year 2024, is expected to increase to $333.82 billion in 2025, marking a compound annual growth rate (CAGR) of 4.6%. Factors contributing to the growth during the historic period include early industrialization, power generation, the construction of large dams, electrification of rural areas, energy needs during world wars, and deregulation as well as market reforms.
What's the Projected Size of the Global Hydro Electricity Market by 2029?
Consistent progress is projected for the hydro electricity market size in the upcoming years. By 2029, it's expected to expand to $380.78 billion, with a compound annual growth rate (CAGR) of 3.3%. This growth through the forecast period can be credited to factors such as renewable energy goals, the inclusion of storage solutions, application of hydropower in climate resilience strategies, infrastructure investment, and policy support with incentives. Noteworthy trends throughout this period will consist of employing hydropower in climate control strategies, the involvement of communities and stakeholders, utilization of hydropower as baseload power, grid update and integration, along with hydropower extension in emerging nations.
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Top Growth Drivers in the Hydro Electricity Industry: What's Accelerating the Market?
Expectations for the hydroelectricity market are to be positively impacted by regulations emerging from developing nations. International governments are creating policies that play a supportive role for the growth of the hydroelectricity sector. For instance, as reported by the International Energy Agency (IEA), a France-based governmental body, in 2022, the US enacted the Inflation Reduction Act in August of the same year, which provides extended tax benefits for hydropower technologies, a clear sign of the increasing acknowledgment of the importance of renewable energy sources. This implementation of advantageous policies is expected to promote the demand for hydroelectric power, thereby propelling the hydroelectricity market's growth.
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What Trends Will Shape the Hydro Electricity Market Through 2029 and Beyond?
Leading businesses in the hydroelectricity sector are concentrating on the innovation of self-sustained hydroelectric cellular base stations. This move aims to improve remote area connectivity, decrease dependence on conventional power resources and bolster sustainable energy structures in locations without grid connectivity. A self-generated hydroelectric cellular base station is a telecommunication installation that generates its own power from nearby hydroelectric sources like rivers or streams for operating mobile network equipment. For instance, NTT Docomo Inc., a mobile operator company based in Japan pioneered the first demonstration experiment of a self-generated hydroelectric cellular base station in May 2024. This ground-breaking project's objective is to investigate the viability of hydroelectric power from irrigation canals to support mobile communication networks sustainably, notably in rural regions where conventional power sources might be more challenging to utilize.
What Are the Main Segments in the Hydro Electricity Market?
The hydro electricity market covered in this report is segmented -
1) By Product Type: Dike Type, Diversion Hydropower Station, Mixed Type, Tide, Pumped Storage
2) By Capacity: Large, Medium, Small
3) By Application: Residential, Commercial, Industrial
Subsegments:
1) By Dike Type: Dike Type Hydropower Plants, Earthen Dike Systems
2) By Diversion Hydropower Station: Run-of-River Hydropower Stations, Low-Head Diversion Systems
3) By Mixed Type: Combined Dike And Diversion Systems, Hybrid Hydropower Solutions
4) By Tide: Tidal Stream Energy Systems, Tidal Range Energy Systems
5) By Pumped Storage: Pumped Storage Hydropower Stations, Off-Peak Pumped Storage Systems
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Which Top Companies are Driving Growth in the Hydro Electricity Market?
Major companies operating in the hydro electricity market include Andritz Hydro, BC Hydro, China Yangtze Power Co. Ltd., EDF (Électricité de France), Engie SA, General Electric Power, Iberdrola SA, Manitoba Hydro, National Hydroelectric Power Corporation (NHPC), RusHydro, Statkraft AS, Tata Power, Voith Hydro, Brookfield Renewable Partners, Innergex Renewable Energy, Sembcorp Industries, Duke Energy Corporation, Pacific Gas and Electric Company (PG&E), Hydro-Québec, Fortum Oyj, Itaipu Binacional, Ontario Power Generation, Pacific Hydro, Enel Green Power, Tokyo Electric Power Company (TEPCO), Sinohydro Group Ltd., Scottish Power, Kansai Electric Power
Which Regions Will Dominate the Hydro Electricity Market Through 2029?
Asia-Pacific was the largest region in the hydroelectricity market in 2024. Western Europe was the second-largest region in the global hydroelectricity market share. The regions covered in the hydro electricity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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